10. Birth, Decline, and Rebirth of the Second Mises Revolution

Birth: By the late 1940s, Mises was recognized in libertarian centers, but overnight in 1949 he became a central intellectual figure by his publication of Human Action. Leonard Read and FEE became devoted Misesians, along with Hans Sennholz and Murray Rothbard. In 1953 a new edition of The Theory of Money and Credit dealt with monetary reform including a gold standard.

Decline: From 1960 to the late 1980s. The followers of Mises were too young to take of leadership roles. The emergence of a so-called conservative movement like The National Review drew support away. Finally, the divisions within the Circle Bastiat between Randians and Rothbard dissipated energies. This decline benefited the Chicago School of Economics.

Rebirth: Hayek received the Nobel Prize in 1974 for his business cycle theory. South Royalton Conference occurred in 1974 on Austrian Economics. Most importantly, Mises Institute was established in 1982.

Lecture 10 of 10 from The Life, Times, and Work of Ludwig von Mises, a George and Joele Eddy Seminar.